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LAKE REGION MEDICAL GROUP, P.A. CASH BALANCE PLAN 401k Plan overview

Plan NameLAKE REGION MEDICAL GROUP, P.A. CASH BALANCE PLAN
Plan identification number 007

LAKE REGION MEDICAL GROUP, P.A. CASH BALANCE PLAN Benefits

401k Plan TypeDefined Benefit Pension
Plan Features/Benefits
  • Benefits are primarily pay related
  • Cash balance or similar plan - Plan has a "cash balance" formula. For this purpose, a "cash balance" formula is a benefit formula in a defined benefit plan by whatever name (for example, personal account plan, pension equity plan, life cycle plan, cash account plan, etc.) that rather than, or in addition to, expressing the accrued benefit as a life annuity commencing at normal retirement age, defines benefits for each employee in terms more common to a defined contribution plan such as a single sum distribution amount (for example, 10 percent of final average pay times years of service, or the amount of the employee's hypothetical account balance).
  • Master plan - A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion letter; and for which a single funding medium (for example, a trust or custodial account) is established for the joint use of all adopting employers.

401k Sponsoring company profile

LAKE REGION MEDICAL GROUP, P.A. has sponsored the creation of one or more 401k plans.

Company Name:LAKE REGION MEDICAL GROUP, P.A.
Employer identification number (EIN):272451481
NAIC Classification:621112
NAIC Description:Offices of Physicians, Mental Health Specialists

Form 5500 Filing Information

Submission information for form 5500 for 401k plan LAKE REGION MEDICAL GROUP, P.A. CASH BALANCE PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0072022-10-01
0072021-10-01TREVOR GERVAIS2023-04-18 TREVOR GERVAIS2023-04-18
0072020-10-01MATTHEW LEE2022-06-29 MATTHEW LEE2022-06-29
0072019-10-01LUCAS DRAXTEN2021-06-25 LUCAS DRAXTEN2021-06-25

Plan Statistics for LAKE REGION MEDICAL GROUP, P.A. CASH BALANCE PLAN

401k plan membership statisitcs for LAKE REGION MEDICAL GROUP, P.A. CASH BALANCE PLAN

Measure Date Value
2023: LAKE REGION MEDICAL GROUP, P.A. CASH BALANCE PLAN 2023 401k membership
Market value of plan assets2023-09-303,609,281
Acturial value of plan assets2023-09-303,609,281
Funding target for retired participants and beneficiaries receiving payment2023-09-300
Number of terminated vested participants2023-09-3014
Fundng target for terminated vested participants2023-09-30730,289
Active participant vested funding target2023-09-302,014,022
Number of active participants2023-09-3038
Total funding liabilities for active participants2023-09-302,014,022
Total participant count2023-09-3052
Total funding target for all participants2023-09-302,744,311
Balance at beginning of prior year after applicable adjustments2023-09-300
Prefunding balance at beginning of prior year after applicable adjustments2023-09-300
Carryover balanced portion elected for use to offset prior years funding requirement2023-09-300
Prefunding balanced used to offset prior years funding requirement2023-09-300
Amount remaining of carryover balance2023-09-300
Amount remaining of prefunding balance2023-09-300
Present value of excess contributions2023-09-30779,457
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2023-09-30823,185
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2023-09-300
Reductions in caryover balances due to elections or deemed elections2023-09-300
Reductions in prefunding balances due to elections or deemed elections2023-09-300
Balance of carryovers at beginning of current year2023-09-300
Balance of prefunding at beginning of current year2023-09-300
Total employer contributions2023-09-301,093,171
Total employee contributions2023-09-300
Contributions allocated toward unpaid minimum require contributions from prior years2023-09-300
Contributions made to avoid restrictions adjusted to valuation date2023-09-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2023-09-301,077,847
Unpaid minimum required contributions for all prior years2023-09-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2023-09-300
Remaining amount of unpaid minimum required contributions2023-09-300
Minimum required contributions for current year target normal cost2023-09-30855,144
Net shortfall amortization installment of oustanding balance2023-09-300
Waiver amortization installment2023-09-300
Total funding amount beforereflecting carryover/prefunding balances2023-09-300
Carryover balance elected to use to offset funding requirement2023-09-300
Prefunding balance elected to use to offset funding requirement2023-09-300
Additional cash requirement2023-09-300
Contributions allocatedtoward minimum required contributions for current year2023-09-301,077,847
Unpaid minimum required contributions for current year2023-09-300
Unpaid minimum required contributions for all years2023-09-300
2022: LAKE REGION MEDICAL GROUP, P.A. CASH BALANCE PLAN 2022 401k membership
Market value of plan assets2022-09-302,737,211
Acturial value of plan assets2022-09-302,737,211
Funding target for retired participants and beneficiaries receiving payment2022-09-300
Number of terminated vested participants2022-09-306
Fundng target for terminated vested participants2022-09-3097,957
Active participant vested funding target2022-09-302,031,468
Number of active participants2022-09-3045
Total funding liabilities for active participants2022-09-302,031,468
Total participant count2022-09-3051
Total funding target for all participants2022-09-302,129,425
Balance at beginning of prior year after applicable adjustments2022-09-300
Prefunding balance at beginning of prior year after applicable adjustments2022-09-300
Carryover balanced portion elected for use to offset prior years funding requirement2022-09-300
Prefunding balanced used to offset prior years funding requirement2022-09-300
Amount remaining of carryover balance2022-09-300
Amount remaining of prefunding balance2022-09-300
Present value of excess contributions2022-09-30436,656
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2022-09-30460,323
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2022-09-300
Reductions in caryover balances due to elections or deemed elections2022-09-300
Reductions in prefunding balances due to elections or deemed elections2022-09-300
Balance of carryovers at beginning of current year2022-09-300
Balance of prefunding at beginning of current year2022-09-300
Total employer contributions2022-09-301,327,655
Total employee contributions2022-09-300
Contributions allocated toward unpaid minimum require contributions from prior years2022-09-300
Contributions made to avoid restrictions adjusted to valuation date2022-09-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2022-09-301,259,134
Unpaid minimum required contributions for all prior years2022-09-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2022-09-300
Remaining amount of unpaid minimum required contributions2022-09-300
Minimum required contributions for current year target normal cost2022-09-301,087,463
Net shortfall amortization installment of oustanding balance2022-09-300
Waiver amortization installment2022-09-300
Total funding amount beforereflecting carryover/prefunding balances2022-09-30479,677
Carryover balance elected to use to offset funding requirement2022-09-300
Prefunding balance elected to use to offset funding requirement2022-09-300
Additional cash requirement2022-09-30479,677
Contributions allocatedtoward minimum required contributions for current year2022-09-301,259,134
Unpaid minimum required contributions for current year2022-09-300
Unpaid minimum required contributions for all years2022-09-300
2021: LAKE REGION MEDICAL GROUP, P.A. CASH BALANCE PLAN 2021 401k membership
Market value of plan assets2021-09-301,604,352
Acturial value of plan assets2021-09-301,604,352
Funding target for retired participants and beneficiaries receiving payment2021-09-300
Number of terminated vested participants2021-09-303
Fundng target for terminated vested participants2021-09-30240,362
Active participant vested funding target2021-09-301,134,317
Number of active participants2021-09-3047
Total funding liabilities for active participants2021-09-301,134,317
Total participant count2021-09-3050
Total funding target for all participants2021-09-301,374,679
Balance at beginning of prior year after applicable adjustments2021-09-300
Prefunding balance at beginning of prior year after applicable adjustments2021-09-300
Carryover balanced portion elected for use to offset prior years funding requirement2021-09-300
Prefunding balanced used to offset prior years funding requirement2021-09-300
Amount remaining of carryover balance2021-09-300
Amount remaining of prefunding balance2021-09-300
Present value of excess contributions2021-09-3021,897
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2021-09-3023,119
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2021-09-300
Reductions in caryover balances due to elections or deemed elections2021-09-300
Reductions in prefunding balances due to elections or deemed elections2021-09-300
Balance of carryovers at beginning of current year2021-09-300
Balance of prefunding at beginning of current year2021-09-300
Total employer contributions2021-09-301,429,707
Total employee contributions2021-09-300
Contributions allocated toward unpaid minimum require contributions from prior years2021-09-300
Contributions made to avoid restrictions adjusted to valuation date2021-09-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2021-09-301,352,954
Unpaid minimum required contributions for all prior years2021-09-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2021-09-300
Remaining amount of unpaid minimum required contributions2021-09-300
Minimum required contributions for current year target normal cost2021-09-301,145,971
Net shortfall amortization installment of oustanding balance2021-09-300
Waiver amortization installment2021-09-300
Total funding amount beforereflecting carryover/prefunding balances2021-09-30916,298
Additional cash requirement2021-09-30916,298
Contributions allocatedtoward minimum required contributions for current year2021-09-301,352,954
Unpaid minimum required contributions for current year2021-09-300
Unpaid minimum required contributions for all years2021-09-300
2020: LAKE REGION MEDICAL GROUP, P.A. CASH BALANCE PLAN 2020 401k membership
Market value of plan assets2020-09-300
Acturial value of plan assets2020-09-300
Funding target for retired participants and beneficiaries receiving payment2020-09-300
Number of terminated vested participants2020-09-300
Fundng target for terminated vested participants2020-09-300
Active participant vested funding target2020-09-300
Number of active participants2020-09-3047
Total funding liabilities for active participants2020-09-300
Total participant count2020-09-3047
Total funding target for all participants2020-09-300
Balance at beginning of prior year after applicable adjustments2020-09-300
Prefunding balance at beginning of prior year after applicable adjustments2020-09-300
Carryover balanced portion elected for use to offset prior years funding requirement2020-09-300
Prefunding balanced used to offset prior years funding requirement2020-09-300
Amount remaining of carryover balance2020-09-300
Amount remaining of prefunding balance2020-09-300
Present value of excess contributions2020-09-300
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2020-09-300
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2020-09-300
Reductions in caryover balances due to elections or deemed elections2020-09-300
Reductions in prefunding balances due to elections or deemed elections2020-09-300
Balance of carryovers at beginning of current year2020-09-300
Balance of prefunding at beginning of current year2020-09-300
Total employer contributions2020-09-301,471,700
Total employee contributions2020-09-300
Contributions allocated toward unpaid minimum require contributions from prior years2020-09-300
Contributions made to avoid restrictions adjusted to valuation date2020-09-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2020-09-301,353,911
Unpaid minimum required contributions for all prior years2020-09-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2020-09-300
Remaining amount of unpaid minimum required contributions2020-09-300
Minimum required contributions for current year target normal cost2020-09-301,332,014
Net shortfall amortization installment of oustanding balance2020-09-300
Waiver amortization installment2020-09-300
Total funding amount beforereflecting carryover/prefunding balances2020-09-301,332,014
Carryover balance elected to use to offset funding requirement2020-09-300
Prefunding balance elected to use to offset funding requirement2020-09-300
Additional cash requirement2020-09-301,332,014
Contributions allocatedtoward minimum required contributions for current year2020-09-301,353,911
Unpaid minimum required contributions for current year2020-09-300
Unpaid minimum required contributions for all years2020-09-300

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